What steps can be put into place to ensure an adult child, who makes poor decisions, will be secure after the death of the parent? The main asset is life insurance.
If there's a family member or a friend in your life who refuses to do their will and get their estate in order, here are some tips to finally get them to take action.
An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.
Estate planning design and implementation is not only complex but can be highly emotional. Therefore, it’s important to have a basic understanding of the estate planning process, before approaching a professional.
A will and a living trust are both part of a comprehensive estate plan, that sometimes are inconsistent with one another. When there are conflicts, the trust takes precedence.
The main reason that people choose to have a living trust instead of a will, is that it avoids the probate system. Probate is the legal proceedings to decide whether a will is legal and binding. It also is the court session to decide where the property will go, if there is no will provided.
It took my husband Mike's heart attack to force us to recognize the need for having an estate plan. It was not smart. You are smarter than that. Create an estate plan today.
